Berkadia announced three HUD financings for communities in Texas, Washington and Montana, totaling $20.6 million.
The first loan, secured by Jay Healy, totaled $11.19 million and was arranged for a Texas-based not-for-profit organization to refinance its 128-unit Medicaid assisted living community in Texas. The loan carries a low-2% interest rate and ultimately retired the existing construction and mezzanine debt tied to the project. This income-restricted community was constructed in 2015, with occupancy hovering around 90% during the time of the underwriting.
Ed Williams arranged the second transaction, which consisted of two loans. The first was $6.26 million refinance of a 36-bed standalone memory care facility in Flathead County, Montana. Occupancy was 88% at the time of the underwriting, and the 35-year term loan represents 72% loan-to-value and debt of $174,000 per bed.
The second financing in the transaction was a $3.15 million, 25-year term loan with 76.2% loan-to-value and debt of $70,000 per bed. It refinanced a 45-bed assisted living community in Yakima County, Washington, which was built in 1995 and purchased in 2018 as a vacant building. The sponsor completed $500,000 in capital improvements and reopened the community in 2019, with occupancy at 95.7% around the time of underwriting.
